Can you picture a cashless campus? Start by eliminating exact change and printed paper receipts. Cash is no longer the preferred means of payment for this generation of students. Now, cashless transactions are taking the form of debit/credit cards, and student IDs with reloadable funds. Furthermore, the future of campus payments appears to be NFC-enabled mobile wallets such as Google Pay and Apple Pay. Some schools are starting to adapt to these advances by going completely cashless.
What are the benefits of a cashless campus?
Security is the most often-cited reason. Students without the need to carry cash are less likely to be victims of robbery or petty crime. Schools, campus businesses, and their employees do not need to worry about the security of cash drawers or needing a safe in their back office.
Secondly is convenience. Students can now make transactions in seconds with the swipe of a card or tap of a smartphone. No long lines, no counting bills or double-checking change received! And since students most often choose card or mobile payments for everyday transactions, it makes sense to offer them the technology they prefer. For campus employees, there is the elimination of having to count and account for the cash drawer at the end of each shift.
